Technical analysis USD/JPY 8 February 2013


Resistance on the first turn of the target range of 94.00/95.00 did not allow the price to rise higher. The couple began lowering and now is testing the level of 92.20/30. The indicator changes testimony in favor of the “bearish” the continuation and this increases the risk of falling prices to the levels of 91.50/00, called earlier, as the likely support for the corridor which will form the expected correction. If SS joins the testimony of colleagues, it will give the arguments to fear lower prices fall, possibly to 89.50/40. By the way, if the situation is considered from the point of Candlestick analysis, two Dodge at the top (on the daily time frame) indicate a strong signal of reversal. However, in the medium term, the priorities still remain on the side of growth.

USD/JPY - 08.02.13


About Author

Hello, my name is Arkady Nagiev and I’ve been working for Forex4you company since 2008. I received an economic education and worked in various sectors of former Soviet Union. After the dissolution of the USSR, I decided to engage in the banking sector. In 1994 I took "Banking" course in the Moscow International Financial and Banking School. After that, I worked in the banks of Turkmenistan and Ukraine. While working at the bank, I became interested in the foreign exchange market, which required additional knowledge and pushed me to study strategies and techniques for the analysis of foreign exchange instruments. At first, I thought that technical analysis would be enough, but I soon realized that I was wrong, and began to study fundamental analysis. I sincerely hope that my Forex reviews and financial analyses help our clients to gain a better understanding of the forex market. Good luck with your trading everyone!